The big boss of Bombardier bought this week more than half a million dollars in shares of the Montreal business jet manufacturer.
Éric Martel bought a block of shares on Tuesday at a unit price of $52.50.
Bombardier’s stock has lost almost 30% of its value since hitting a high of $74 this spring.
BCE stock appears to have bottomed out in the near term, according to National Bank Financial’s Adam Shine. This analyst now suggests buying the title of the Montreal company. With the dividend yield crossing the 7% mark at the start of the week, he believes that the negative elements linked to the sector are now well discounted. He claims that past periods of such high returns have been followed by a 25% rise in BCE stock in the subsequent 12 months.
He notes that the cycle of rate hikes seems close to ending, although rates could stay high for longer than some anticipate. A new boss has just moved to the CRTC and the regulatory environment seems to have changed since the start of the year, but he says he hasn’t seen anything substantial that could really influence the state of competition. And he believes that the Canadian mobile phone industry can function with four (BCE, Telus, Rogers and Quebecor/Freedom). They are now 5 analysts out of 18 to suggest the purchase.
A numbered company registered in the names of the co-founders of Lion has just sold $1.5 million worth of shares in the Saint-Jérôme electric bus and truck manufacturer. The holding company of Marc Bédard and Camile Chartrand sold a block of 500,000 shares on August 16 at a price of $3 each. This private holding still owns 25.9 million shares of Lion. At the current market price, the value of these shares is estimated at approximately 72 million.
Observers are certainly hoping that Laurentian will have an update to offer Thursday morning surrounding the examination of the options available to it when the bank presents its quarterly results. Management announced on July 11 that it was conducting a review of its strategic options with a view to maximizing value for its shareholders. Above all, the bank made it clear last month that it did not intend to communicate any further information on this subject before the review was completed.
The Desmarais Family Residuary Trust sold nearly $850,000 worth of Power Corporation stock this week. The sale of 23,500 shares of the Montreal financial conglomerate in the Pansolo Holding account was completed on Tuesday at a unit price of $36.06.
The big boss of Innergex has just bought blocks of shares in the Quebec producer of renewable energy and the Montreal rail carrier CN. Michel Letellier purchased, on August 18, 325 shares of CN and 2,750 shares of Innergex. The purchases were all made in RRSP accounts. Michel Letellier has led Innergex for 17 years and has been a CN board member since last fall.
The action of Montreal asset manager Fiera Capital continues to be shunned by the market. The dividend yield briefly rose above the 15% mark this week. BMO’s Étienne Ricard reiterated earlier this month that Fiera’s dividend is viable unless there is a significant and sustained decline in assets under management (i.e. more than 20%). Of the eight analysts who officially follow Fiera, however, Etienne Ricard is the only one to recommend its purchase.
Coveo’s new chief financial officer has just purchased $200,000 worth of shares in the Quebec company specializing in artificial intelligence applied to e-commerce. Brandon Nussey bought nearly 20,000 shares on August 17 at a price of $10.40 each. The former chief operating officer of Lightspeed became chief financial officer of Coveo in May.
A BCE director has just bought $220,000 worth of shares in the Montreal telecommunications company. Robert Simmonds purchased 4,000 shares in an account in his spouse’s name on Thursday. He has been a member of the board of directors for a dozen years.
Quebec securities of Alimentation Couche-Tard, Colabor and Logistec all reached a 52-week high on the Toronto Stock Exchange this week.
On the other hand, those of Fiera Capital, BCE, Cogeco, Rogers Sugar and Theratechnologies hit a 52-week low this week.
